The income statement for the year 2014 of Fugazi Co. contains the following

information:

Revenues

Expenses:

Salaries and Wages Expense $45,000

$70,000

Rent Expense 12,000

Advertising Expense 10,000

Supplies Expense 6,000

Utilities Expense 2,500

Insurance Expense 2,000

Total expenses 77,500

Net income (loss) $

(7,500)

The entry to close the expense accounts includes a

a. debit to Income Summary for $7,500.

b. credit to Income Summary for $7,500.

c. debit to Income Summary for $77,500.

d. debit to Utilities Expense for $2,500.